Wills & Trusts Law Reports | July/August 2015 #151In the early 1990s, Mr Pugachev founded the JSC Mezhdunarodniy Promyshlenniy Bank (the bank) in Russia. It became one of Russia’s largest privately owned commercial banking groups. On 4 October 2010, the Russian Central Bank revoked its banking licence and appointed a ‘temporary administration’ and on 30 November 2010 it was declared insolvent by the Russian court and placed into temporary administration. The state corporation ‘Deposit Insurance Agency’ (the DIA) was appointed as liquidator. Mr Pugachev left Russia for London in 2011. The Russian liquidation of the bank was recognised by...
Geraldine Elliott and Sarah Bishop discuss a recent decision looking at the fortification of a cross-undertaking in damages ‘The court must make an intelligent estimate of the likely amount of loss which might be suffered as a consequence of an injunction.’ In Energy Venture Partners Ltd v Malabu Oil and Gas Ltd [2014] the Court …
Continue reading "Injunctions: A test of strength"
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Dov Ohrenstein reviews the law relating to reflective losses and derivative claims ‘Pursuant to s260(1) of the Companies Act Act, only a company member can bring a derivative claim. For this purpose “member” includes trustees in bankruptcy and other persons who have been transferred shares by operation of the law.’ Where a wrong is done …
Continue reading "Shareholders: Through the looking glass"
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